JPMorgan’s Jamie Dimon Urges Government to Shut Down Bitcoin
During a Senate Banking Committee hearing on Capitol Hill, JPMorgan Chase CEO Jamie Dimon expressed his strong opposition to cryptocurrencies, specifically Bitcoin (BTC).
Dimon’s remarks came in response to questioning from Senator Elizabeth Warren, where he claimed that the only true use case for cryptocurrencies is for criminals involved in activities such as drug trafficking, money laundering, and tax avoidance.
He went on to suggest that if he were in government, he would shut down cryptocurrencies altogether.
"I've always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals," says JPMorgan Chase CEO Jamie Dimon. "If I were the government I'd close it down." pic.twitter.com/nkEbHR0DOS
— Yahoo Finance (@YahooFinance) December 6, 2023
Dimon’s comments are not entirely surprising, as he has been a vocal critic of bitcoin and other digital currencies in the past.
He has previously referred to Bitcoin as a “hyped-up fraud” and even compared it to a “pet rock.”
Despite his negative stance on cryptocurrencies, JPMorgan has actively engaged with blockchain technology, the underlying technology behind cryptocurrencies, and has been involved in various blockchain projects.
Dimon also found common ground with Senator Warren during the hearing when discussing the need for crypto companies to adhere to the same anti-money laundering regulations as traditional financial institutions.
Warren, known for her critical stance on the banking industry, emphasized the importance of national security and preventing terrorists, drug traffickers, and rogue nations from utilizing cryptocurrencies for illicit purposes.
She called on Congress to take action in this
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